Cetera Financial Group has completed its deal for the wealth business of insurer Securian Financial Group, bringing on board more than 91% of Securian’s advisors and nearly $50 billion in client assets, Cetera announced Thursday.
The former Securian advisors and their teams will operate as Cetera Wealth Management Group within Cetera Advisor Networks.
After Cetera announced the acquisition in January, some Securian advisors moved to other firms. As of late last month, InvestmentNews data showed that 95 of Securian’s more than 1,000 financial advisors had left the firm to join competitors, including LPL Financial, Raymond James and StanCorp.
Kjirsten Zellmer, president of Cetera Wealth Management Group, cited the “expert onboarding and integration process” that had minimized disruption for the Securian advisors joining Cetera.
“I am excited and eager to begin our bright future at Cetera, and to offer its exponential growth, scale and optionality to our valued financial professionals, managing partners and team members,” Zellmer said in a statement.
“The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera,” said Tom Taylor, Cetera’s chief sales and growth officer.
Cetera also acquired the equity in Securian Trust Co., which is now a stand-alone entity named Cetera Trust Co.
Cetera noted that almost 150 Securian Financial employees will join Cetera’s home office staff.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
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